Advice please on porting our mortgage

BrianC66

My wife and I have just sold our flat and we are hoping to port our mortgage to a new property, but are unsure of the process, although I do understand that we would have to reapply. Any advice will be most appreciated.
We bought our flat in 1993 for £28,000 and have just sold it for £57,000.
The new property we wish to buy is valued at £90,000.
Our 25 year endowment mortgage has only 3 years left to run and we also have savings of £40,000 that we are prepared to put toward our new property.
Would it be possible to use the profit from selling our flat (£29,000) and our savings(£40,000) toward our new property and make up the £21,000 shortfall by continuing with our endowment mortgage, given that we have faithfully paid it for 22 years. Our bank, Santander, have already assured us we meet their lending criteria.
Again, any advice will be gratefully received.

amnblog

If you are saying a £21,000 interest only mortgage backed by an endowment policy projecting the same, that does meet Santander criteria. (You cannot back any interest only shortfall with cash)


The problem you may run into will be the fact that the endowment matures in three years - Santander have declined cases with such a short apparent timescale.


Why the urge to stay with Santander?

009hnoor

Our 25 year endowment mortgage has only 3 years left to run and we also have savings of £40,000 that we are prepared to put toward our new property.

amnblog

Is this the same case?

BrianC66

Thank you for your speedy reply it has been most helpful. We have no great desire to remain with Santander - they were just our first point of contact. My wife has made arrangements to discuss this further with an independent financial advisor. However, if you have any further advice on how we might possibly proceed, again, it would be gratefully received. We have only ever had the one mortgage and are therefore quite overwhelmed at times trying to figure this out. Cheers.